Exhibit 12.1
Alcan Inc.
Computation of Earnings to Fixed Charges
Canadian GAAP
(in millions of US dollars)
YEAR | ||||||||||||||||||||||||||
3 months | ||||||||||||||||||||||||||
2003 | 2002 | 2001* | 2000* | 1999* | 1998 | |||||||||||||||||||||
Consolidated net income (loss) before Extraordinary item | 13 | 374 | 2 | 610 | 448 | 399 | ||||||||||||||||||||
Less: | Equity income of less than 50% owned companies | 0 | 3 | 3 | 4 | (1 | ) | (48 | ) | |||||||||||||||||
Plus: | Dividends received from less than 50% owned companies | 0 | 3 | 2 | 1 | 1 | 5 | |||||||||||||||||||
Plus: | Minority interest of subsidiaries that have fixed charges | 1 | 3 | (13 | ) | (1 | ) | 14 | (4 | ) | ||||||||||||||||
Subtotal | 14 | 377 | (12 | ) | 606 | 464 | 448 | |||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||
Amount representative of interest factor in Rentals | 7 | 27 | 24 | 19 | 19 | 28 | ||||||||||||||||||||
Amount representative of interest factor in Rentals, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Interest expense – net | 49 | 203 | 254 | 78 | 76 | 92 | ||||||||||||||||||||
Interest expense, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Capitalized interest | 1 | 1 | 30 | 81 | 41 | 15 | ||||||||||||||||||||
Capitalized interest, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
TOTAL FIXED CHARGES | 57 | 231 | 308 | 178 | 136 | 135 | ||||||||||||||||||||
Less: | Capitalized interest | 1 | 1 | 30 | 81 | 41 | 15 | |||||||||||||||||||
Fixed charges added to income/(loss) | 56 | 230 | 278 | 97 | 95 | 120 | ||||||||||||||||||||
Plus: | Amortization of capitalized interest | 6 | 24 | 25 | 21 | 18 | 15 | |||||||||||||||||||
Income taxes | 141 | 293 | 42 | 254 | 211 | 210 | ||||||||||||||||||||
Earnings before fixed charges and income Taxes | 217 | 924 | 333 | 978 | 788 | 793 | ||||||||||||||||||||
Ratio of earnings to fixed charges | 3.81 | 4.00 | 1.08 | 5.49 | 5.79 | 5.87 |
* | Revised due to accounting change as described in note 3, Accounting Changes, under Deferred Foreign Exchange Translation gains and losses in the 2002 Annual Report. |
Alcan Inc.
Computation of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Canadian GAAP
(in millions of US dollars)
YEAR | ||||||||||||||||||||||||||
3 months | ||||||||||||||||||||||||||
2003 | 2002 | 2001* | 2000* | 1999* | 1998 | |||||||||||||||||||||
Consolidated net income (loss) before extraordinary item | 13 | 374 | 2 | 610 | 448 | 399 | ||||||||||||||||||||
Less: | Equity income of less than 50% owned companies | 0 | 3 | 3 | 4 | (1 | ) | (48 | ) | |||||||||||||||||
Plus: | Dividends received from less than 50% owned companies | 0 | 3 | 2 | 1 | 1 | 5 | |||||||||||||||||||
Plus: | Minority interest of subsidiaries that have fixed charges | 1 | 3 | (13 | ) | (1 | ) | 14 | (4 | ) | ||||||||||||||||
Subtotal | 14 | 377 | (12 | ) | 606 | 464 | 448 | |||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||
Amount representative of interest factor in rentals | 7 | 27 | 24 | 19 | 19 | 28 | ||||||||||||||||||||
Amount representative of interest factor in rentals, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Interest expense – net | 49 | 203 | 254 | 78 | 76 | 92 | ||||||||||||||||||||
Interest expense, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Capitalized interest | 1 | 1 | 30 | 81 | 41 | 15 | ||||||||||||||||||||
Capitalized interest, 50% owned companies | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
TOTAL FIXED CHARGES | 57 | 231 | 308 | 178 | 136 | 135 | ||||||||||||||||||||
Less: | Capitalized interest | 1 | 1 | 30 | 81 | 41 | 15 | |||||||||||||||||||
Fixed charges added to income/(loss) | 56 | 230 | 278 | 97 | 95 | 120 | ||||||||||||||||||||
Plus: | Amortization of capitalized interest | 6 | 24 | 25 | 21 | 18 | 15 | |||||||||||||||||||
Income taxes | 141 | 293 | 42 | 254 | 211 | 210 | ||||||||||||||||||||
Earnings before fixed charges and income taxes | 217 | 924 | 333 | 978 | 788 | 793 | ||||||||||||||||||||
TOTAL FIXED CHARGES | 57 | 231 | 308 | 178 | 136 | 135 | ||||||||||||||||||||
Preference dividends | 2 | 5 | 8 | 10 | 9 | 10 | ||||||||||||||||||||
1 minus tax rate of 40% | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||
Preference dividends pre tax | 3 | 8 | 13 | 17 | 15 | 17 | ||||||||||||||||||||
Total | 60 | 239 | 321 | 195 | 151 | 152 | ||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.62 | 3.86 | 1.04 | 5.02 | 5.22 | 5.23 |
* | Revised due to accounting change as described in note 3, Accounting Changes, under Deferred Foreign Exchange Translation gains and losses in the 2002 Annual Report. |
Alcan Inc.
Computation of Earnings to Fixed Charges
US GAAP
(in millions of US dollars)
YEAR | ||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Net income (loss) from continuing operations before cumulative effect of accounting change and extraordinary items | 412 | (42 | ) | 606 | 455 | 417 | ||||||||||||||||
Less: | Equity income of less than 50% owned companies | 3 | 3 | 4 | (1 | ) | (48 | ) | ||||||||||||||
Plus: | Dividends received from less than 50% owned companies | 3 | 2 | 1 | 1 | 5 | ||||||||||||||||
Plus: | Minority interest of subsidiaries that have fixed charges | 3 | (13 | ) | (1 | ) | 14 | (4 | ) | |||||||||||||
Subtotal | 415 | (56 | ) | 602 | 471 | 466 | ||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||
Amount representative of interest factor in rentals | 27 | 24 | 19 | 19 | 28 | |||||||||||||||||
Amount representative of interest factor in rentals, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Interest expense – net | 203 | 254 | 78 | 76 | 92 | |||||||||||||||||
Interest expense, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Capitalized interest | 1 | 30 | 81 | 41 | 15 | |||||||||||||||||
Capitalized interest, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
TOTAL FIXED CHARGES | 231 | 308 | 178 | 136 | 135 | |||||||||||||||||
Less: | Capitalized interest | 1 | 30 | 81 | 41 | 15 | ||||||||||||||||
Fixed charges added to income/(loss) | 230 | 278 | 97 | 95 | 120 | |||||||||||||||||
Plus: | Amortization of capitalized interest | 24 | 25 | 21 | 18 | 15 | ||||||||||||||||
Income taxes | 313 | 13 | 259 | 211 | 210 | |||||||||||||||||
Earnings before fixed charges and income taxes | 982 | 260 | 979 | 795 | 811 | |||||||||||||||||
Ratio of earnings to fixed charges | 4.25 | 0.84 | 5.50 | 5.85 | 6.01 |
Alcan Inc.
Computation of Earnings to Combined Fixed Charges and Preferred Stock Dividends
US GAAP
(in millions of US dollars)
YEAR | ||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Net income (loss) from continuing operations before cumulative effect of accounting change and extraordinary items | 412 | (42 | ) | 606 | 455 | 417 | ||||||||||||||||
Less: | Equity income of less than 50% owned companies | 3 | 3 | 4 | (1 | ) | (48 | ) | ||||||||||||||
Plus: | Dividends received from less than 50% owned companies | 3 | 2 | 1 | 1 | 5 | ||||||||||||||||
Plus: | Minority interest of subsidiaries that have fixed charges | 3 | (13 | ) | (1 | ) | 14 | (4 | ) | |||||||||||||
Subtotal | 415 | (56 | ) | 602 | 471 | 466 | ||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||
Amount representative of interest factor in rentals | 27 | 24 | 19 | 19 | 28 | |||||||||||||||||
Amount representative of interest factor in rentals, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Interest expense – net | 203 | 254 | 78 | 76 | 92 | |||||||||||||||||
Interest expense, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Capitalized interest | 1 | 30 | 81 | 41 | 15 | |||||||||||||||||
Capitalized interest, 50% owned companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
TOTAL FIXED CHARGES | 231 | 308 | 178 | 136 | 135 | |||||||||||||||||
Less: | Capitalized interest | 1 | 30 | 81 | 41 | 15 | ||||||||||||||||
Fixed charges added to income/(loss) | 230 | 278 | 97 | 95 | 120 | |||||||||||||||||
Plus: | Amortization of capitalized interest | 24 | 25 | 21 | 18 | 15 | ||||||||||||||||
Income taxes | 313 | 13 | 259 | 211 | 210 | |||||||||||||||||
Earnings before fixed charges and income taxes | 982 | 260 | 979 | 795 | 811 | |||||||||||||||||
TOTAL FIXED CHARGES | 231 | 308 | 178 | 136 | 135 | |||||||||||||||||
Preference dividends | 5 | 8 | 10 | 9 | 10 | |||||||||||||||||
1 minus statutory tax rate of 40% | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||||||||||||
Preference dividends pre tax | 8 | 13 | 17 | 15 | 17 | |||||||||||||||||
Total | 239 | 321 | 195 | 151 | 152 | |||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 4.11 | 0.81 | 5.03 | 5.26 | 5.35 |